-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BUOFuTsxvocZ+cvPcmRnOKhaK5uAUEGuKa4IQmBH7ippvMe2feIDKARb1auqfBcG LUAUKSX6mhQqTk/saHTFMg== 0000049728-03-000013.txt : 20031029 0000049728-03-000013.hdr.sgml : 20031029 20031029080202 ACCESSION NUMBER: 0000049728-03-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031028 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IEC ELECTRONICS CORP CENTRAL INDEX KEY: 0000049728 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 133458955 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06508 FILM NUMBER: 03962222 BUSINESS ADDRESS: STREET 1: 105 NORTON ST CITY: NEWARK STATE: NY ZIP: 14513 BUSINESS PHONE: 3153317742 MAIL ADDRESS: STREET 1: PO BOX 271 CITY: NEWARK STATE: NY ZIP: 14513 FORMER COMPANY: FORMER CONFORMED NAME: INTERCONTINENTAL ELECTRONICS CORP DATE OF NAME CHANGE: 19730601 8-K 1 iec8k4q03.txt 4Q03 AND FY03 FULL DISCLOSURE SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) - October 28, 2003 IEC Electronics Corp. (Exact name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of Incorporation) 0-6508 13-3458955 (Commission File Number) (IRS Employer Identification No.) 105 Norton Street, Newark, New York 14513 (Address of Principal Executive Offices) (315) 331-7742 (Registrant's Telephone Number, including Area Code) Page 1 of 2 Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by IEC Electronics Corp. dated October 28, 2003 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/4Q03pr.htm) on October 28, 2003 Item 12. Results of Operations and Financial Condition On October 28, 2003, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended September 30, 2003. A copy of the press release is furnished as Exhibit 99.1 to this report. On October 28, 2003, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended September 30, 2003. A copy of that information is furnished as Exhibit 99.2 to this report. The information in this Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing. Neither the filing of any exhibit to this report nor the inclusion in such exhibits of a reference to IEC Electronics Corp.'s Internet address shall, under any circumstances, be deemed to incorporate the information available at such address into this report. The information available at IEC Electronics Corp.'s Internet address is not part of this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IEC Electronics Corp. --------------------- (Registrant) Date: October 28, 2003 By:/s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Acting Chief Executive Officer Page 2 of 2 EX-99.1 3 iec4q03pr.txt 4Q03 PRESS RELEASE EXHIBIT 99.1 Press Release issued by IEC Electronics Corp. dated October 28, 2003 IEC Announces Operating Results for Fourth Quarter and Fiscal Year 2003 with Significant Improvement from Last Year Newark, NY - October 28, 2003 - IEC Electronics Corp. (IECE.OB) announced today results for the fourth quarter and for the fiscal year ended September 30, 2003. IEC reported net income of $575,000 or $0.07 per share, $325,000 or $0.04 per share before non-operating income items on revenue of $9.1 million for the fourth quarter. This compares to a net income of $1.9 million or $0.24 per share on revenue of $8.6 million for the same quarter a year ago. $1.7 million of last year's 4th quarter income, $0.22 of the reported $0.24 per share, was attributable to the settlement received in a lawsuit and the reversal of certain asset write-downs. IEC's net income for the fiscal year 2003 was $2.6 million or $0.31 per share on revenue of $48.2 million. This compares to a net loss of ($11.0) million or ($1.43) per share, on revenue of $30.7 million for the fiscal year 2002. Chairman W. Barry Gilbert said, "We are pleased with this year's results. Our earnings from operations for the year were substantially stronger than last year. Cash flow exceeded our plan, which afforded us the opportunity to pre-pay $275,000 of our long-term debt. For the quarter we reduced our total long-term debt by more than $800,000 and for the period since our refinancing on January 15th by $2.7 million dollars. We accomplished this by controlling expenses, careful asset management, and despite the previously reported loss of one of the Company's largest accounts in Motorola. The loss was a concern, however one we have felt all along we would be able to absorb. We did have a small amount of their work in the Q4 and anticipate that we will continue to do so. During the quarter, IEC has added three new customers with significant potential and won a number of new contracts with existing customers. These new accounts and the ones added in previous quarters do not replace Motorola, however some of them have outstanding potential." Gilbert continued, "Our goal is to steadily increase the value of IEC's stock through increased earnings and cash flow. While it will take some time to restore the top line in this difficult economic environment, I believe we are moving in the proper direction to return the Company to the earnings level it enjoyed a number of years ago." IEC is a full service, ISO-9001 registered EMS provider. The Company offers its customers a wide range of services including design, prototype and volume printed circuit board assembly, material procurement and control, manufacturing and test engineering support, systems build, final packaging and distribution. Information regarding IEC's fourth quarter 2003 results can be found on its web site at www.iec-electronics.com/Q403pr.htm. The foregoing, including any discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, competition and technological change, the ability of the Company to control manufacturing and operating costs, satisfactory relationships with vendors. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2002 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission. Contact: Heather Keenan Marketing Communications Specialist (315) 332-4262 hkeenan@iec-electronics.com Page 1 of 1 EX-99.2 4 iec4q03financials.txt FINANCIAL INFORMATION ON WEBSITE Exhibit 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/4q03pr.htm) on October 28, 2003 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEETS SEP 30, 2003 AND SEP 30, 2002
SEP 30, 2003 SEP 30, 2002 ASSETS CURRENT ASSETS Cash $ 793,341 $ - Accounts Receivable 4,003,641 5,479,572 Inventories 1,633,119 3,411,905 Deferred Income Taxes 250,000 - Other Current Assets 329,234 186,452 Current Assets - Discontinued Operations 121,466 347,822 -------------------- -------------------- Total Current Assets $ 7,130,801 $ 9,425,750 -------------------- -------------------- PROPERTY, PLANT & EQUIPMENT 3,173,090 4,333,330 PREPAID DEBT ACQUISITION 202,189 - ASSETS HELD FOR SALE - 497,001 LONG TERM ASSET DISCONTINUED OPERATION - 809,166 -------------------- -------------------- $10,506,081 $15,065,246 ==================== ==================== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilities $ 1,375,704 $ 3,128,189 Accounts Payable 2,740,599 6,250,335 Accrued Payroll and Related Taxes 794,078 697,077 Other Accrued Expenses 674,948 1,496,434 Liabilities from Discontinued Operations 216,069 1,425,497 -------------------- -------------------- Total Current Liabilities 5,801,398 12,997,551 -------------------- -------------------- LONG TERM VENDOR PAYABLE 399,253 0 LONG TERM DEBT - TERM 891,662 1,268,000 -------------------- -------------------- LONG TERM DEBT - TOTAL 1,290,916 1,268,000 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,021,960 shares 80,220 76,921 Treasury Stock (11,460) (11,460) Additional Paid-in Capital 38,478,607 38,418,041 Retained Earnings (35,042,169) (37,639,295) Cumulative Translation Adj (91,430) (44,511) -------------------- -------------------- Total Shareholders' Equity 3,413,767 799,696 -------------------- -------------------- 10,506,081 15,065,246 ==================== ====================
Page 1 of 2 IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS QUARTER TO DATE FOR SEP 30, 2003 AND YEAR TO DATE FOR SEP 30, 2003
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD SEP 30, 2003 SEP 30, 2002 SEP 30, 2003 SEP 30, 2002 Net Sales 9,101,019 8,640,397 48,200,501 39,365,472 Cost of Sales 8,214,373 6,869,872 43,271,087 37,068,428 ------------------ ------------------ ------------------ ------------------ Gross Income 886,646 1,770,525 4,929,414 2,297,044 Less: Operating Expenses Selling and Administrative 477,776 589,443 2,918,843 4,209,552 Restructuring - (234,429) (63,300) 213,809 Asset Impairment Writedown - - - 900,000 ------------------ ------------------ ------------------ ------------------ Total Operating Expenses 477,776 355,014 2,855,542 5,323,362 ------------------ ------------------ ------------------ ------------------ Net Income before Other Income 408,870 1,415,510 2,073,871 (3,026,318) Other Income Interest and Financing Expense (105,467) (254,323) (641,610) (932,013) Life Insurance Proceeds - - - 0 Misc. Income 12,000 233,191 720,835 187,702 ------------------ ------------------ ------------------ ------------------ (Loss) Income from Continuing Operations Before Taxes 315,403 1,394,378 2,153,096 (3,770,629) Provision for Income Tax (260,000) - (260,000) - ------------------ ------------------ ------------------ ------------------ (Loss) Income from Continuing Operations 575,403 1,394,378 2,413,096 (3,770,629) ------------------ ------------------ ------------------ ------------------ Income from Discontinued Operations - 490,074 184,030 (7,208,000) ------------------ ------------------ ------------------ ------------------ Net Income 575,403 1,884,452 2,597,126 (10,978,735) ================== ================== ================== ==================
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